Consider a proposed business (e.g., restaurant, retailer, electronics, software provider, etc.) and develop some initial ideas about what considerations need to be considered for the company to reach profitability. Answer the following questions in your groups:
-Describe your business. What product or service will you provide? What will your high-level strategy be: to focus on cost/efficiency or provide high value?
-How much will you charge for your product, and what factors do you have to consider for setting the sale price?
-What would be the variable costs you would have to consider for your business?
-What would be the fixed costs you would have to consider for your business?
-Do you believe that your business can break-even in its first year? Why or why not? Make sure to take volume into account.
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